U.S. Rep. Steve PearceU.S. CONGRESSIONAL News:
WASHINGTON, D.C. ― U.S. Rep. Steve Pearce recently led the Subcommittee on Terrorism and Illicit Finance hearing on “Managing Terrorism Financing Risk in Remittances and Money Transfers,” to examine the risks that are inherent in the use of money service businesses (MSBs), remittance payments, and other value-transfer systems.
“The size and complexity of the financial system in the United States and continuous innovation means our financial entities have a greater chance of being exploited for money laundering or terrorist financing. It is important that safe, legitimate, and affordable options for transferring money through regulated and transparent methods exist in these communities,” Pearce said. “The threat from terrorist financing is constantly evolving and requires law enforcement, financial regulators, intelligence agencies, policymakers, and the financial sector to quickly adapt. In today’s hearing, we explored the various channels of money transferring to better understand and combat vulnerabilities that can have a great effect on our nation’s security.”
Watch the hearing by clicking here.